Audits - Reviews - Compilations - Preparations

Every business needs financial statements that allow management to monitor performance, attract investment capital and borrow money from a bank or other lender. There are four types of financial statements – Audits, Reviews, Compilations and Preparations.

While public companies are required to have audited financial statements, smaller, privately owned organizations have options. Our professionals have extensive experience preparing every type of financial statement. We will work with you to determine the correct financial reporting for your business.

Preparations. Financial statement preparations are often created as part of bookkeeping or tax-related work. Preparations provide no assurance regarding the accuracy and completeness of the financial statements. Assurance is critical if you plan to share the financial statements with third parties.

Compilations. Like preparations, compilations provide no assurance that the financial statements are accurate and complete. However, a compilation includes a formal report by a CPA who is required to read the financial statements and evaluate whether they’re free from obvious material errors.

Reviews. Reviews provide “limited assurance” regarding the accuracy of the financial statements and include a CPA report to that effect.

Audits. Audited financial statements are the highest level of financial reporting. The CPA works closely with key company personnel to gain knowledge of the business’s internal control system and verification and substantiation procedures are performed in accordance with Generally Accepted Auditing Standards (GAAS).

What Type of Financial Reporting is Right for Your Business?

The answer depends on the level of assurance or financial accuracy that you want. You may decide that a preparation or compilation is all that your business needs this year, but in subsequent years, you may want a review or even an audit to obtain more information about your business financials so you can make better decisions about the future growth of your company.

We Look Forward to Helping Your Business Achieve Financial Success!

Whether your business needs an audit, compilation, review or preparation, our experienced team of CPAs, accountants and tax professionals is here to help.

Not sure which level of assurance your business needs? Contact us using the form below.